Spin-resolved photoemission spectra from solid Xe(111) have been measured using circularly polarized synchrotron radiation with photon energies ranging from 11-18 eV. Corresponding calculations by a fully relativistic one-step-model layer KKR formalism produce fairly good agreement with the experimental data. The spectra can be interpreted in terms of direct interband transitions in the real part of a complex-potential band structure. This provides detailed information on the quasi-particle band structure including real and imaginary self-energy corrections to the valence and conduction bands. Observed 'opposite-spin features', which are absent in the calculated spectra, are tentatively interpreted as due to electron-hole scattering processes.